JV buys Orlando apartments for $98 million

Alvista West View. Image courtesy of Berkadia Real Estate Advisors

A joint venture of Phoenix Real Estate Group and Prospect Capital acquired Alvista West Vue in Orlando, Florida from RISE: a real estate company, for $97.5 million. The 442-unit gated community within MetroWest’s planned community was the area’s first multi-family development in over a decade when RISE debuted in 2019.

The five Alvista West Vue buildings, located at 5915 Raleigh St., offer one-, two-, and three-bedroom units, averaging 952 square feet. Construction on the property, formerly known as West Vue, was completed in 2021.

Also Read: A Luxury Community is Coming to MetroWest Orlando

Individual apartments feature nine foot ceilings, ceiling fans, wood plank style flooring, designer pendant lighting, energy efficient stainless steel appliances, granite countertops, contemporary cabinetry with designer shelving, a center island with breakfast bar area, side-by-side refrigerators, walk-in closets with built-in shelving, walk-in showers, double sinks, full-size washer and dryer, spacious balconies and screened patios, and pet wash stations.

Resident amenities include gated access, two resort-style swimming pools with solar shelves and private cabanas, expansive 24-hour clubhouse with Wi-Fi, spa, cafe concierge, media lounge and games, private rental offices and study spaces, a 24-hour fitness center, a full-service yoga studio, expansive courtyards, a dog park, a children’s playground, and a summer kitchen with grills and recreation and picnic areas, as well as private office areas.

Alvista West Vue is located on the northeast portion of the 1,805-acre MetroWest, across from the Kirkman Station shopping center at the intersection of South Kirkman Road and Raleigh Street. MetroWest was developed in 1985 and was one of Orlando’s first planned communities. It is less than 15 minutes’ drive from Universal Studios, downtown Orlando and Walt Disney World. shop at the Mall at Millenia and Orlando International Premium Outlets; and the International Drive entertainment corridor.

RISE was represented by Senior Managing Director Cole Whitaker, Managing Directors Matt Wilcox and Brett Moss and Associate Director Tyler Swidler with Berkadia Real Estate Advisors.

Orlando Multifamily

Orlando has 136 multifamily properties totaling 34,680 units within five miles of the intersection of West Miller Street and State Road 527, according to Yardi Matrix. Developers have 10 properties underway that will add 2,598 units to the city’s inventory and have plans for 14 more that will add 4,133 units. There are 47 more multi-family projects underway that could add 8,906 units.

Orlando has seen 78 multi-family properties traded over the past five years, recording an average selling price of $158,780 per unit.

About Gene Schafer

Check Also

Viewpoints: Low-income residents need more market-priced apartments

“Viewpoints” is a place on Chapelboro where locals are encouraged to share their unique perspectives …